Dangote Refinery, Others Raise Petrol Depot Prices as Global Oil Costs Increase

Three major fuel operators in Nigeria – Dangote Petroleum Refinery, Aiteo, and AA Rano – have increased the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N821 to N823 per litre.

This adjustment, which occurred over the weekend, is a direct response to a rise in international crude oil prices from $65 to $67 per barrel.

This marks the latest in a series of frequent price changes, which industry analysts attribute to fluctuating global oil prices and intense competition within Nigeria’s downstream petroleum sector. While pump prices at retail stations have not yet changed, checks by Vanguard indicate they may be adjusted later this week if the current market trend continues.

Experts like Olajide Jeremiah, CEO of Petroleumprice.ng, confirm that the market is dynamic and expect more such adjustments in the coming weeks.

He noted that these changes are likely to eventually be passed on to consumers at the pump.

In a separate interview, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), emphasized the need for stable supply.

He advocated for the full privatization of government-owned refineries, calling for the inclusion of grassroots industry stakeholders in the process.

In a related development, the Dangote Petroleum Refinery has announced plans to expand its production capacity by 7.7%, from 650,000 to 700,000 barrels per day.

The refinery’s operations are already significantly impacting regional fuel markets. Nigeria, once heavily dependent on imported refined products, is now meeting domestic demand and exporting to other markets.

This shift has notably affected the European gasoline market. According to OPEC, the Dangote Refinery’s production has freed up gasoline volumes globally, forcing a realignment of trade flows and contributing to declining product imports into Nigeria and lower gasoline inventory levels in Europe.

About The Author

Dele Fashomi

Dele Fashomi, seasoned journalist and communication teacher, is a holder of Master of Arts degree in Communication and Language Arts from the University of Ibadan in 1992/93.

Earlier, he had bagged a Bachelor degree from the same university in 1984, after which he proceeded to the Nigerian Institute of Journalism, Lagos, in 1990, for a postgraduate diploma in Journalism.

He had done many courses in communication, including the EU-BBC Editing Course in 2002.

Mr. Fashomi combines effectively the practice, research and teaching of communication. And to date, he has published two academic works in communication: Issues in Communication Technology and Policy (2010) and Economic and Social Issues in Advertising and PR (2013).

He had his first break in the Nigerian media in Concord Newspapers in 1990 and today, he has over two and half decades experience earned in several newspapers.

He has been part of many start-ups, such as The Republic (1987), The Comet (1999), The Anchor 2001 – 2002; Sun Newspapers (2003); Westerner newsmagazine (2005 – 2010) as Editor; National Life (2011) as Sunday Editor, and Newswatch Newspapers (2012- 2016) as Daily Editor.

Dele Fashomi is now the Publisher/Editor-in-Chief of Newstide247.com newspaper online, which he started in July 2015. He is also into biography writing, with many books in his trail, some of which he wrote alone and one he co- authored with his mentor, Mr Dare Babarinsa, entitled:  Olabiyi Durojaiye – DARE TO BE DiFFERENT. He also guided and collaborated with Pa Olatunji Odusanya in writing his autobiography – AGAINST ALL ODDS. There are many other books in the works under his pen.

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